Industrials Run Off the Road

GM's Warning Roils
Stocks, Bond Market;
Oil Surges to a Record

By

Scott Patterson The Wall Street Journal Online

Updated March 16, 2005 5:01 p.m. ET

First came the body shot from General Motors, which warned of poor earnings in 2005. Swiftly following was the knockout blow: record high oil prices. The blue chips were down for the count, dreaming of Dow 11000.

The Dow Jones Industrial Average fell 1.04%, or 112.03 points, to 10633.07 -- its lowest close since Feb. 22. The average has declined 2.8% since March 4, when it wrapped up the day about 60 points shy of 11000. GM's 14% slump siphoned about 35 points off the Dow, and was the biggest slide in a blue-chip component...